Wisconsin Insurance Security Fund

About Wisconsin Insurance Security Fund

The Wisconsin Insurance Security Fund (the Fund) was created by 1969 Wisconsin Act 144 published in August, 1969. A part of major revision of the insurance laws, the Fund’s purpose was defined this way: The purpose of this chapter is to maintain public confidence in the promises of insurers by providing a mechanism for protecting insureds in this state from excessive delay or loss in the event of liquidation of insurers and by assessing the cost of such protection among insurers. The Fund, Wisconsin’s guaranty association, was the first in the nation and its law inspired a National Association of Insurance Commissioners (NAIC) model guaranty association law. Now all 50 states and the District of Columbia have guaranty funds and associations. Wisconsin was also one of the first states to extend coverage to health maintenance organizations (HMOs) and remains one of only seven states that provides protection to HMO members. The Wisconsin Fund is unique among the guaranty funds and associations in that it provides coverage for most lines of insurance including health maintenance organizations through one, unified organization. Not a state agency, the Fund is a non-profit, tax exempt organization created by state statute. Since its inception, the Fund has paid over $274 million in claims for Wisconsin consumers.

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